Members of Congress on both sides of the aisle said the nation’s Bank Secrecy Act and anti-money-laundering regime needs to be updated and reformed.
At a House Financial Services subcommittee hearing
on detecting and deterring financial crime, lawmakers discussed legislative proposals to increase clarity on BSA guidance and require companies to disclose beneficial owners when they are formed.
ICBA last fall released a white paper
with principles for modernizing the BSA/AML regime, including government collection of beneficial ownership records when legal entities are formed.
ICBA appreciates the subcommittee’s initial steps toward BSA/AML modernization and looks forward to continuing to work with policymakers on this issue.